Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

$24.99

Price to Operating Profit (P/OP)
since 2005

Microsoft Excel

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Calculation

Thermo Fisher Scientific Inc., P/OP, long-term trends, calculation

Microsoft Excel
P/OP = Share price1, 2, 3 ÷ Operating profit per share1 Operating profit per share1 = Operating income1
(in millions)		 ÷ No. shares of common stock outstanding2
Feb 20, 2025 = ÷ = ÷
Feb 22, 2024 = ÷ = ÷
Feb 23, 2023 = ÷ = ÷
Feb 24, 2022 = ÷ = ÷
Feb 25, 2021 = ÷ = ÷
Feb 26, 2020 = ÷ = ÷
Feb 27, 2019 = ÷ = ÷
Feb 28, 2018 = ÷ = ÷
Feb 28, 2017 = ÷ = ÷
Feb 25, 2016 = ÷ = ÷
Feb 26, 2015 = ÷ = ÷
Feb 27, 2014 = ÷ = ÷
Feb 27, 2013 = ÷ = ÷
Feb 29, 2012 = ÷ = ÷
Feb 24, 2011 = ÷ = ÷
Feb 26, 2010 = ÷ = ÷
Feb 27, 2009 = ÷ = ÷
Feb 29, 2008 = ÷ = ÷
Mar 1, 2007 = ÷ = ÷
Mar 2, 2006 = ÷ = ÷

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$

2 Data adjusted for splits and stock dividends.

3 Closing price as at the filing date of Thermo Fisher Scientific Inc. Annual Report.

Share Price Trend
The share price exhibited a generally upward trajectory over the observed periods, rising from $34.78 in 2006 to a peak of $560.49 in 2024 before slightly declining to $537.83 in 2025. There were notable increases particularly between 2012 and 2014, where the price jumped from $56.62 to $124.91, and from 2019 to 2021, with a rise from $309.16 to $451.47. Some intermittent volatility is observed, for example, a decline occurred in 2009 to $36.26 from the previous year, likely reflecting broader market conditions.
Operating Profit Per Share (OP per Share) Trend
Operating profit per share showed an overall increasing trend, starting at $1.62 in 2006 and reaching a high of $25.63 in 2022. Despite the general growth, fluctuations occurred including a dip in 2007 to $0.58 and a decline from $25.63 in 2022 to $17.99 in 2024 before rising slightly to $19.45 in 2025. This indicator demonstrates the company’s improving operational profitability over the long term, with some periods of reduced profit growth or decline.
Price to Operating Profit Ratio (P/OP)
The P/OP ratio showed considerable variation across the years. Early years show high volatility, with an extreme peak at 79.09 in 2007 followed by a sharp drop to 12.33 in 2009. Since 2010, the ratio mostly ranged between approximately 17 and 31, with a gradual increase towards the later years. This suggests that the market’s valuation relative to operating profit per share became somewhat elevated near the end of the period, particularly from 2018 onwards, reflecting potentially higher investor expectations or market optimism despite some recent declines in operating profit per share.
Insights and Summary
The company experienced strong growth in both share price and operating profitability over the nearly two-decade timeframe, although with notable short-term fluctuations likely influenced by external market conditions. The rising share price combined with increasing operating profits suggests effective business performance and positive market sentiment. However, the increasing P/OP ratio in more recent years indicates a higher market valuation relative to operational earnings, which could imply expectations of continued growth or potential overvaluation. The slight pullback in share price and operating profit per share toward 2024 and 2025 may warrant attention to assess whether this signals a trend shift or temporary adjustment.

Comparison to Competitors

Thermo Fisher Scientific Inc., P/OP, long-term trends, comparison to competitors

Microsoft Excel
Thermo Fisher Scientific Inc. AbbVie Inc. Amgen Inc. Danaher Corp. Gilead Sciences Inc. Regeneron Pharmaceuticals Inc. Vertex Pharmaceuticals Inc.
Feb 20, 2025
Feb 22, 2024
Feb 23, 2023
Feb 24, 2022
Feb 25, 2021
Feb 26, 2020
Feb 27, 2019
Feb 28, 2018
Feb 28, 2017
Feb 25, 2016
Feb 26, 2015
Feb 27, 2014
Feb 27, 2013
Feb 29, 2012
Feb 24, 2011
Feb 26, 2010
Feb 27, 2009
Feb 29, 2008
Mar 1, 2007
Mar 2, 2006

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).